Enactment of the bill, if it is passed and signed into law, is still far off.
Rep. Don Beyer (D-Va.) said the existing digital asset market structure and regulatory framework are too “ambiguous and dangerous for investors and consumers.”
Crypto-asset companies will be supervised by the Capital Markets Board and will need to set aside minimum capital requirements.
The Hamas International Financing Prevention Act would leverage sanctions against individuals and governments donating to Hamas, including donations made in bitcoin.
The new legislation seeks to counter an industry that critics blast as detrimental to New York’s decarbonization goals.
Under the legislation, wealth managers known as Spezialfonds would be able to invest up to 20% in digital assets.
Tax hikes could encourage profit taking in cryptocurrencies, but some investors remain bullish as ongoing stimulus could trigger inflation.
The commonwealth wants to become a hub for energy-heavy businesses like crypto mining.
The bill also makes amendments to the definition of "blockchain technology."
The bills now pass to Governor Andy Beshear for final approval.
As one government official says the planned legislation would completely ban cryptocurrency use, another stresses that is not the case.
Rep. Warren Davidson said the window of opportunity for the U.S. to lead the world on blockchain technology is "closing."
The bill now proceeds to a vote in the Wyoming House of Representatives.
The bill, aimed to encourage the crypto mining industry in the state, now goes to the upper house for review.
Under the act, the state would implement a new filing system to "use blockchain technology as the the technological framework for the system," by the end of 2021.